This is a podcast for Understanding Economics. I, and a guest with a background in economics sift through the issues being discussed and present them as Economists would, without all the hype and hyperbole.

This week we're talking about Comparative Advantage and asking the question "why should we engage in trade." I cover both the concept as well as its originator, David Ricardo, who you will discover is in fact "The Most Interesting Man in the World."...Show More

This week we're back with part two of chapter eleven of book 1 of Adam Smith's The Wealth of Nations, and this one is massive. We're covering what is known as the Digression on Silver, and wondering if you can call something a digression when it's a...Show More

We're cranking it to 11 and talking about that most metal of all economists, Joseph Schumpeter and his idea of Creative Destruction. I cover the intellectual underpinnings of it, the idea itself, and several examples of it throughout history.
If ...Show More

This week we're covering part 1 of Adam Smith's The Wealth of Nation Book 1 Chapter 11: Of the Rent of Land, where we discover exactly why the rent is too damn high, and it has more to do with wheat prices than you might think.
If you want to tell m...Show More

I sit down with Gus Shepard to talk about the possible future of the economy in terms of how realistic the scenarios laid out in the various iterations of Star Trek might be. We cover an economy without currency and whether or not we will hit a poin...Show More

We're back to close out Chapter 10 of Book 1 of Adam Smith's The Wealth of Nations. We cover the inequalities in wages and profits that are occasioned by the policies of Europe.
If you want to tell me why I'm wrong, join our Facebook group and feel...Show More

I take this episode to talk about a topic which is always irritating to me, that of Objectivism. Specifically, Objectivism when it's applied to economics. It's safe to say, I'm not a fan of Ayn Rand.
If you want to tell me why I'm wrong, come on o...Show More

We're back with another riveting chapter from Adam Smith's The Wealth of Nations, or at least half of a chapter, as this one is really long. In this episode we cover the causes of inequalities in wages and profits as they relate to the natural marke...Show More

This week take on the idea of the Gold Standard and get into the trade offs involved with pegging a currency to any kind of commodity.
If you want to tell me why I'm wrong, come on out and join our Facebook group where you can leave a comment or s...Show More

I sit down with Nicholas Franczyk from the Chicago office of the Federal Trade Commission to talk about market power and how the FTC determines and defines it. We discuss the nature of market power and how it can either lead to increased efficiency ...Show More

We're back to Adam Smith with The Wealth of Nations Book 1 Chapter 8: Of the Wages of Labor. We go through Adam Smith's thoughts on how wages are determined, as well as the importance of wages on the economy as a whole. If you feel like you're bein...Show More

I sit down once again with David Wicik to talk about the economic issues and arguments that surround the debate over immigration.
If you want to weigh in and tell me why I'm wrong, come join us on the Facebook group and leave a comment or suggest ...Show More

We keep right on moving through Adam Smith's The Wealth of Nations with Book 1 Chapter 7: Of the Natural and Market Price of Commodities. In this chapter supply finally meets demand, prices fluctuate, and I can't understand what the deal is with peo...Show More

I pick apart both sides of the debate over minimum wage and try to offer some food for thought on the issue. This is one of those cases where very often, both sides are wrong, or at least not fully considering the issue, and it's important to try to...Show More

We're celebrating our one year anniversary by covering Adam Smith's The Wealth of Nations Book 1 Chapter 6: Of the Component Parts of the Price of Commodities. We examine Smith's analysis of the factors that go into determining the price of things a...Show More

This week I tackle the economics of an issue that is in the news and in the minds of most people right now; trade wars. If you're looking for a political rant either in favor or against trade wars, sorry, but you'll have to look elsewhere. I'm stic...Show More

We're back with Book 1 Chapter 5 of Adam Smith's The Wealth of Nations. This week we're talking about Real Price and Nominal Price as Adam Smith describes them as well as what Smith feels is the constant measure of value. It's deep stuff and involv...Show More

On this week's topic episode, I delve into the topic of monopoly. I talk about exactly what a monopoly is, what it looks like, natural monopolies, ways that a monopoly may not be truly dire, and tips for winning at the board game mainly through chea...Show More

We just keep plugging along with Adam Smith's The Wealth of Nations this week where we are starting to get into more exciting (your concept of excitement may vary) territory with Book 1 Chapter 4: Of the Origins and Use of Money. I walk you through ...Show More

This week we take a look at the concept of moral hazard and the role that it plays in a wide range of aspects in all of our lives; from the financial crises of the last ten years, to the NFL and its issue with concussions.
If you want to tell me why...Show More

We're back with another chapter of The Wealth of Nations! This week we tackle Chapter 1 Book 3: That the Division of Labor is Limited by the Extent of the Market. I delve into Smith's description of population and geographic limits to the effects o...Show More

I sit down with Brendan Newell to talk about Bitcoin We cover a pretty lengthy explanation of what Bitcoin actually is, as well as go into what the future holds for it and other crypto-currencies.
If you want to join the discussion, come join the F...Show More

We're back with Book 1 Chapter 2 of The Wealth of Nations by Adam Smith. In this episode we continue to talk about the division of labor, as well as get into the Enlightenment Era influences of Adam Smith. I also take some time to address some not-...Show More

I do some pretty heavy speculating on what the future of home entertainment will look like based on some of the economic trends that we are seeing right now. What's to be made of the trend of IP holders pulling back their content from streaming serv...Show More

I start of my new episode series by cracking open the thoroughly brilliant and massively overwritten The Wealth of Nations by Adam Smith. In this episode, we cover Book I Chapter I and talk about the Division of Labor, how we're all connected by the...Show More

With the holidays completed, I thought it would be a pretty good opportunity to talk about the economics of gift giving. You may not think that something as simple as exchanging presents would rise to the level of economic theory, but it does, and i...Show More

I do a bit of a deep dive on some of the economic issues surrounding Black Friday including why some people choose to not chase discounts during the event and what effect online retail is having on in-store sales over the biggest shopping day in the ...Show More

This week we sit down with Paul LaPorte again from the Chicago office of the Bureau of Labor Statistics to talk about another key economic statistic generated from the BLS, inflation. Paul helps to break down how exactly inflation is calculated and ...Show More

I'm joined by returning Okay, Let Me Tell You Why You're Wrong all-star Josep Nadal to talk about Economic Growth and how we calculate and understand that particular statistic. Joesp breaks down the history of thinking on growth in part 1 of a two p...Show More

This episode I am joined by Paul LePorte from the Chicago office of the Bureau of Labor Statistics for a detailed discussion of the Unemployment Rate and how to best understand and apply that statistic to your understanding of the state of the econom...Show More

I revisit some old ground in some new ways thanks to a link sent to me by a listener. I give my thoughts on the trend of blaming any and all of our economic problems on "the kids these days," and offer a few alternative explanations.

In this episode I use a meme that I recently came across to launch into a rant about my thoughts on labor strategy and the future of brick-and-mortar retail in a market increasingly dominated by online competitors.

The podcast ups its game as I sit down with Professor Tim Opeila to discuss the various policies enacted by the Federal Reserve. Take heart dear listener, this is no mere recap of our previous Fed episode, but rather a deeper dive into the mechanism...Show More

I talk with Ben Henke about the pros and cons of implementing a Minimum Basic Income. This topic is a little different because I don't actually have a strong opinion on the idea of an MBI, and (spoiler alert) despite a thorough and insightful conver...Show More

For this episode I depart from our regular format in order to go on a slight rant about consumer demand as it relates to an article I read recently in the Business Insider. The article is titled "Millennials are Killing Chains like Buffalo Wild Wing...Show More

We're back for part 2 of our discussion of the Euro Zone Crisis. Continuing off of our last episode Josep Nadal walks us through the events that laid the groundwork for the issues that the Euro Zone has and continues to experience. We also get into...Show More

I sit down with Josep Nadal to talk about the Eurozone Crisis, what led to it, what its effects on the global economy are, and what we might expect to see as a result of it in the future...so generally light chit chat. We delve into the complexities...Show More

I sit down with Daisya Harden to discuss the not-at-all controversial subject of the wage gap between the genders, however this show being what it is, we side-step the controversy and get right into what the underlying economics has to say on the iss...Show More

For our first full episode, I sit down with David Wicik to talk about the Economics of college education; comparing the opportunity cost of going to college with the potential benefits of having a diploma.